Many put off making a will for a variety of reasons however if you die without one, your assets are distributed according to the law rather than your wishes.
Many put off making a will for a variety of reasons however if you die without one, your assets are distributed according to the law rather than your wishes. By making a will you decide how your assets are shared out, if you are not married or in a registered civil partnership, you can provide properly for your partner, a will allows you to engage in proper estate planning which can minimise the amount of inheritance tax (CAT) your beneficiaries pay.
As mentioned if you do not make a will, there are rules for deciding who inherits from your estate. The following rules apply :
Married (or registered civil partner) – no children : Spouse (or civil partner) takes allMarried – with children: Spouse two thirds and Children one thirdSingle – no children : Parents take all – equal shareSingle – no parents & no children : Brothers and sisters – equal shareSingle – no parents, children, brothers orsisters surviving: Nieces & Nephews, if no nieces and nephews itgoes to next of kin in the following order:grandparents, if none surviving to aunts and uncles,if none surviving to cousins.
As you can see, if you do not make a will your husband/ wife will not automatically inherit everything and instead the situation can be quite tricky. For instance if the only asset in the estate is the family home, and no will exists, the property is left to a spouse in two thirds and the children one third. A legal argument could follow whereby the children seek to force the sale of the property to encash their one third share.
In addition, a will allows you to provide for the following important items:
– Specific funeral arrangements
– Appointment of guardians for minor children
– Trusts. A trust can be utilised in a number of scenarios i.e. where you wish to engage in tax planning andminimise the amount of CAT payable by your beneficiaries, to provide for minor children, to provide assetprotection for future generations– Personal items and heirlooms can be passed on in your will
It is important to have your will drafted by a professional, in particular a member of the society of Trust & Estate Practitioners ( STEP) to obtain expert advice. Susan Cosgrove of Cosgrove Gaynard Solicitors is a member of STEP and is available to discuss your exact requirements.
(c) Cosgrove Gaynard Solicitors 2012. All rights reserved.
A Norwich Pharmacal Order is a legal order that is used to compel an innocent third party to disclose information about another party who is involved in some form of malfeasance. Norwich Pharmacal Orders are becoming a common legal tactic to stifle online trolls on social media, as well as trace anonymous individuals onlineText Link
If you are a VASP in Ireland, you will need to register with the Central Bank for AML/CFT purposes. If you are a firm that is not established in Ireland, or you are not conducting business as a VASP before the 2021 Act was brought in, then you must be registered with the Central Bank before any services commence. As part of the regulation of VASPs with the Central Bank of Ireland, individuals holding pre-approval controlled functions within a VASP must be approved under the latest fitness and probity regime of the Central Bank.Text Link
Digital inheritance is a new term that is becoming more widespread across the globe in relation to the transfer of digital assets in a broad sense. There is a completely new "digital asset" that has been created in terms of cryptocurrencies and therefore with that, inheritance queries follow.Text Link
Ireland has slowly but surely established itself as an alluring destination for businesses in the Fintech sector. From a solid regulatory framework to an advanced financial services ecosystem, Ireland’s financial technology sector is booming right now and is home to a surprising number of reputable domestic and international payment institutions. Let's take a closer look at the reasons behind this below.Text Link